A Money Smart coordinator will support low income local families to take control of their finances, change spending habits, improve money management skills, thus reducing poverty.In addition we will model a low cost day out for the whole family to share by organising trips, including the seaside.
April 2016 - April 2017
Families' financial problems, including debt, have a negative impact upon children, who may be unable to attend educational trips, access leisure activities, participate in cultural outings eg cinema, theatre. poverty isolates children from their friends and excludes them from activities with their peers. This leads to poor self esteem and low aspirations.Inspirational support from a Money Smart Coordinator can improve parents financial skills, reducing poverty and improving childrens outcomes.
A trained Money Smart Coordinator will support families to take control of their finances, giving them tips and strategies to manage their money, to reduce their debts, to spend more wisely, to make informed and confident financial decisions, and to save money.She will work with the children too, so that the next generation will benefit. the families'well being will improve and the children will have better life chances. Families will be invited to low cost cost summer outings.
Improve money management skills of families with low incomes.
Activities» Money Smart Coordinator offers series of one to one sessions in family home, money plans, spending diaries, financial awareness, smart shopping.
» Money Smart Coordinator offers group sessions to low income families attending Home Start Barnet family group based in area of high deprivation.
» Money Smart Coordinator upskill volunteers in the Money Smart programme, so that they can then support families they are supporting to benefit from it
Success will be demonstrated by no. of parents accessing the project, indicators will be evaluated eg better off, more in control, savings, more confident, decision making.
Teach children in low income families how to value money, needs versus wants, and how to save it.
Activities» Money Smart Coordinator to run
There will be 4 children's groups, max 12 per group, children will assess each activity using smiley faces and complete evaluations.
Enable children of low income families to have some fun summer outings, at low cost, as a family.
Activities» Organise a seaside trip for families to Southend, by coach, enjoying the seaside experience and meeting other families. Family
» Organise a low cost family trip, by coach, to Paradise Park Activity Centre in Herts, having both fun and an educational experience.
Success will be filling 1 coach to the seaside trip and 1 coach to the Paradise Park trip, with families on low income and their children.
The project will improve money management skills of local families, who will be using financial planning skills, making savings and will know how to access debt support. Expenditure and savings will be measured at the beginning and ending of support and changes in spending habits/benefit to the children evaluated. Debts will be reduced, relieving the burden on legal services. Assessments will be done to measure parents and childrens confidence in decision making and communicating about money.
There is a risk that the Money Smart Coordinator could leave our service. This will be mitigated by her training 10 existing Home Start volunteers to deliver the programme, over 8 sessions. There is a risk that families could chose not to engage, but this is mitigated by our experience of having already delivered a successful Money Smart project April 2015-April 2016, where families engaged well. Historical data tells us that the trips are always welcomed by low cost families, so no risk there.
An interim report and an end of year report. We will also keep donors updated through regular feedback on our social media sites
Budget - Project Cost: £30,800Loading graph....
Amount Heading Description £19,800 Coordinator Salary Delivering Money Smart training to children and families in Barnet and Harrow £1,800 Volunteer training Train 25 volunteers to support children and families in Money Smart in the home on a one to one basi £1,600 Venue Hire to run 4 X 8 week Money Smart programmes in the year £1,600 Family resources Money Smart resources for families £3,000 2 X Trips Organise trips for up to 100 children, young people and familiest £3,000 Management & S Includes all back office support
Current Funding / Pledges
Source Amount Four Acre Trust £10,000 Conditional
The project will be delivered from a number of central venues that are easily accessible for families to carry out the Money Smart group programmes across London Boroughs of Barnet and Harrow. We will target specific areas of high deprivation. The rest of the project will be delivered on a one to one basis from the family home.
Local struggling families with young children in London Borough's of Barnet and Harrow who are experiencing poverty and unable to give them the best start in life.
Parents will be taught to make informed financial decisions and model this attitude to their children.
Children will be taught the value of spending and savings to shape their attitude to money in an engaging and fun way.
We have piloted Money Smart in a small area of Barnet for the last 12 months successfully. 85% of those taking part have reported back that they feel less anxious about talking about money, think and plan before making financial decisions and are more confident in saying no to children. 75% of those taking part had managed to reduce their weekly shopping bill ranging from £5 to over £26.
Read more about the Charity running this project.
Corinne has been instrumental in the success of the pilot. She has substantial family support experience and is a trained Money Smart Facilitator.